By Prince Osuagwu
The coast of Nigerian start-ups are beginning to expand tremendously with the Information and Communications Technology sector of the economy set to gain from the expansion.
This is as more of the start-ups are attracting investor interests across the globe.
The latest to enjoy such interests is Nigeria’s Piggybank.ng, an online and mobile app savings platform targeted at African Millennials. The start-up has secured a Seed Funding of $1.1million from High Net Worth Individuals, led by Olumide Soyombo, founder of LeadPath Nigeria, and with participation from International and Pan-African investors Village Capital and Ventures Platform.
The company will deploy the VC investment for licence acquisition and product development. Piggybank.ng has recorded 20 – 35 per cent m-o-m growth in user traction over the past 12 months; primarily from peer-to-peer recommendations, its referral program – Piggybank Stories, and grassroots social media campaigns.
The startup will also invest in additional marketing spend, to accelerate its growth trajectory. Having completed accelerator programs with Blackbox, the CcHub’s Pitch Drive, powered by Google for Entrepreneurs, and Google Launchpad Africa, Piggybank.ng has built a savings community of over 53,000 registered users of which approximately 60 per cent are Nigerian Millennials, who have saved in excess of $5m, with a savings growth of 3000 per cent between 2016-17.
Founded in 2016 by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, graduates of Covenant University, Nigeria, Piggybank.ng is positioned to fill a void for tens of millions of Nigerians, who have no access to credit, in a country where up to two years’ rent is often required upfront to secure a home.
Targeting low-middle income savers in Nigeria, of which there are 26.5m with a market size of $2.2Bn, the fintech start-up is an automated savings platform where savers manage their finances by depositing small amounts of money starting from as little as USD$1/day on a daily, weekly or monthly basis, depending on their saving target, free of charge.
Savers can expect to earn on average 6 per cent per annum on automated savings or 10.95 per cent per annum on the fixed deposit product, Safelock and can withdraw funds once per quarter.
About Article Author
Latest Nigeria News
- Kwankwaso boycotts APC national convention to visit Atiku
- APC amends its slogan
- 2019: Obasanjo plots Buhari’s fall
- Obasanjo under pressure to back Atiku for 2019
- N900m fraud: NHIS boss speaks on allegations of theft
- Abaribe being hunted because of views, says Lawyer
- 2018 Budget crisis: NASS indicts Buhari over Second Niger Bridge, budget delay
- Melaye declares APC’s “political obituary”
- SERAP wins suitcompelling Adamu, Ogbeh to account for spending on Water projects
- Nigeria to lose 3 million Christians annually till 2043, says Danjuma group
- Tension brews amongst Yoruba leaders over mission to rescue Obasanjo from Buhari
- Senator Abaribe arrested for gun running, aiding IPOB - lawyer
- NewPDP drops defection threat, agrees to meet APC Governors, Leaders for settlement
- Power Battle For 2019: Obasanjo Meets Yoruba Leaders
- Hummels Ruled Out of Germany Clash with Sweden
- Real Madrid sign young goalkeeper
- Petit: Messi is not a leader like Ronaldo
- Eagles over the cloud, ready to soar – Akinwunmi
- Interesting Reasons Why Travel Is Good For Your Mental Health
- 17-Year-Old Girl Sells Her 2nd Child After Her Mum Sold The First
- Army Offers N5m To Anyone With Information On Bomb Factories In The Northeast
- APC Convention: How Buhari, Tinubu, Others Averted Crisis
- PRAYER FOR TODAY
- D’Tigers hold first training
- Football stakeholders warn Ifeanyi Ubah
- Nasarawa United set to resume as Dogo aims to end season
- Analysis and Rating: Nigeria Vs Iceland
- Coutinho, Neymar lead Brazil’s Late Show
- PDP slams FG over Abaribe’s arrest
- Buhari arrives venue of APC National Convention
- 2018 APC National Convention: Oshiomhole wins national chairman without votes
- Convention chairman suspends voting
- Photos From APC National Convention In Abuja
- Super Eagles goalkeeper Carl Ikeme surviving Blood Cancer (Pics)
- Angry Man Beats His Wife With Pestle To Death In Anambra
- "Any Actress/Actor Who Bought A House Should Say How They Made The Money, We Don't Make That Much"
- See The Guys Who Killed OOU Female Student & Her Boyfriend (Plus Shocking Confession)
- How To Stop 'Fighting' and Start Enjoying Your Marriage
- Counterfeiters latch on to Super Eagles stylish kit
- APC takes crises to convention